The Courier News from Blytheville, Arkansas · Page 3

>K!T>AT, KOVaMBBR to, 1950 Business Opens Fight On Excess Profits Tax WASHINGTON, Nov. lol (AP) —| An Important section of Big Business closed ranks today against enactment of an excess profits tax With the tax-writing House Ways and Means Committee starting hearings Wednesday, more than 100 business executives announced formation of an "emergency" commlt- J'tee to oppose an excess profits levy • nd to urge in Its place "sound emergency corporate taxation." . The committee, In a statement, called the excess profits tax a breeder of "Inflationary waste and extravagance" which. It said, was "demoralizing to prudent managerial Judgment." Acknowledging that business prof Its •"must bear their fair share of Increased taxation," It suggested a "defense tax" Increase In the level of corporate taxes and prevention of 'undue profits" from defense contracts by "effective negotiation and renegotiation procedures." Ruml Active in Group Beardsley Ruml, author of the present Income tax withholding plan, was one of, those active in formation of the busines. group. Leon Henderson, former OPA chief, Is one of its consulting economists, Ruml, in a separate statement, cnlleci the Excess Profits Tax "inequitable and Inflationary," and said no excess profits tax "has ever been devised that will not do more harm than good." This new attack added to growing doubts that any exce.ss profits tax would be approved either at the "lame duck" session of Con- S.-esfl later (his month, or by the 82nd Congress convening in January. Instead^ informed tax experts feel the lawmakers may favor straight-out increases In corporation tax rates. Tuesd y's election - results undoubtedly will have some influence on tax planning. Some of the strongest House advocates of excess profits taxes were defeated. Committees Pledged However, the House and Senate tax-writing committees were pledged, before the election lay-off, to consider the excess profits levy either at the "lame duck" session or In the new Congress. This was stipulated in both houses to prevent blocking of the $4,700,0:0.000 tax boosting bill passed in the last session of Congress. Formation of the Ruml tax group in.mediately drew the fire of one section of organized labor. The publication "labor." official voice of the railway labor organizations, accused business of attempting " a gigantic f ral |d" i,y pushing for a "fake defense tax" as a substitute for the excess profits tax. "Labor" contended, in this week's issue, that an increase in normal corporate taxes would not affect corporation profits. The tax would be pnssud along to the consumer with profits untouched, the publication said in a front page article. ' Carelessness Is Chief Death Cause On State Roads/Police Officie! Says Carelessness,-; not speeding ^drunken driving, is the leading cause of death on. Arkansas highways. That's what Lt. Jack Rhca, of the Arkansas State Highway Patrol told members of Blythcville's Rotary Club yesterday. "This slate Is crippling itself," he said. "We are going to be faced with » manpower shortage -unless we stop this carnage on our streets and highways." He pointed out that a regular weekend takes its toll of about five or six lives in Arkansas. Holiday weekends just nbout double that amount. Nearly 300 persons have .been killed on Arkansas' streets and highways since the first or the year, Lieutenant Rhea told the Rotarians. ?i,.'T>reMnt day highways," he explained, '.'»r* not built for modern Safaxnoblles. ,:'f ••,•', '. "They werit designed about the time of the Model T when cars didn't travel more than 45 miles per • '' Rustlers agu* Rangoon RANGOON -^flFi— Elephant rustling is an increasing racket In Burro", according to Commerce Minister Kyaw Mylnt. In a speech here he explained the elephants are driven across the Indo-Burma border »nd sold at high profit. He urged the registration of all elephants In the country. Burmese elephants are invaluable to the timber Industry where .they are especially trained to haul and pile logs "Our present day cars are built to go as fast as 100 miles per hour nnd, believe me, some people drive them that fast." After his comments, Lieutenant Rhea showed a film on pedestrian safety practices'. T. p. IDOC) Dean introduced the speaker. /Guests at the meeting included R. H. Allen, Memphis, and Junior Rolarian Edward Pipkin. • SUoseph ASPIRIN WORLD'S LARGEST SELLER "• «T I0c COLDS- MISERIES? WHY DON T YOU TRY d. d, /* LIQUID OR ODD It's different. It's itnu'- tfsti'd. Even if other- ' fa Hod you. trv f,<»6. Save Federal Tax on Television All Television Sets In Our Stock Since November 1st. Are Not Subject to the 10% Federal fax. We Can Now Offer You A Complete Selection of These Sets! 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